Animated cloth simulation parenting troubles
The solution was quite simple. Didn't understand the nature of the baking process and how it worked when the physics object (plus forcefield) was a child of an moving parent (the camera).

Being a bit unexperienced in the physics field I did'nt understand the obvious necessity baking the flag / running the entire animation. 



After executing this the flag catched up fine. 

Thanks for your kind attention: Often a matter of verbalization of the problem brings one close to the truth -- and solution :-)